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- US focus: Euro falls on rate speculation
US focus: Euro falls on rate speculation
The euro declined against the dollar for the third day, extending the first weekly drop in almost a month, as European Central Bank President Jean-Claude Trichet signaled a slowing pace of interest-rate increases this year.
The euro has lost 1.9% this week.
The ECB yesterday left its inflation forecast for next year unchanged at 1.7% while he signaled the bank intends to lift the benchmark interest rate in July.
The greenback has gained 1% this week.
“Exporters are selling the dollar and buying the yen,” said Takashi Kudo at NTT SmartTrade Inc..
The Japanese currency also rose against higher-yielding currencies as stocks and commodities declined, boosting demand for the yen as a refuge.
The Standard & Poor’s 500 index fell 1.2%, heading for its sixth weekly loss.
Crude oil fell below $100 a barrel, sliding as much as 3.1% to $98.7 in New York.
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